Press Release

CAMBRIDGE, Mass. & INGELHEIM, Germany--(BUSINESS WIRE)--Dec. 1, 2011--
AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) and Boehringer Ingelheim today
announced that they have entered into an agreement for large-scale
process development and clinical manufacturing of ficlatuzumab, AVEO’s
novel HGF inhibitory antibody that is currently in Phase 2 clinical
development in patients with non-small cell lung cancer (NSCLC).
Boehringer Ingelheim will produce ficlatuzumab for clinical trials at
its biopharmaceutical site in Fremont, USA. AVEO retains all rights to
the development and commercialization of ficlatuzumab. Financial terms
of the agreement were not disclosed.

“We believe Boehringer Ingelheim is an ideal manufacturing partner based
on its expertise in monoclonal antibodies,” said Elan Ezickson,
executive vice president and chief business officer at AVEO. “This
agreement is further evidence of the progress we are making in the
clinical development of ficlatuzumab, and we look forward to working
with Boehringer Ingelheim to prepare for the manufacturing activities
for ficlatuzumab that would support Phase 3 and beyond.”

Frank Ternes, senior vice president of the Contract Manufacturing
Business Biopharmaceuticals at Boehringer Ingelheim, commented, “We are
delighted to be chosen by AVEO as a manufacturing partner for
ficlatuzumab and we look forward to leveraging our more than 25 years
expertise in this area to support AVEO in further executing its clinical
development strategies for ficlatuzumab. This customer project is an
important milestone for our Fremont site and a further confirmation that
our expansion into the US is of added value for our customers.”

About Ficlatuzumab and the HGF/c-MET Pathway

The HGF/c-MET pathway is believed to play an important role in
regulating tumor growth, invasion and metastasis, making it an exciting
novel target in oncology. HGF/c-MET over-expression is observed in many
tumors including bladder, lung, breast, gastric, ovarian, prostate,
colorectal, head and neck, certain sarcomas and several other solid
tumors as well as hematologic malignancies. The HGF/c-MET pathway has
only one known ligand (HGF) that binds to one known receptor (c-MET) to
initiate signaling. In addition, translational research suggests that
increased HGF and/or c-MET receptor amplification may confer resistance
to EGFR inhibitors. Ficlatuzumab (AV-299), an antibody discovered by
AVEO through its Human Response Platform™ (HRP), is a potent HGF
inhibitory antibody with high affinity for the HGF ligand.

In AVEO’s proprietary tumor models with elevated HGF/c-MET signaling,
ficlatuzumab exhibited strong additive anti-tumor effect when given in
combination with other approved anti-cancer agents such as erlotinib
(Tarceva®), cetuximab (Erbitux®) and temozolomide (Temodar®). In
additional preclinical studies, ficlatuzumab was more effective at
inhibiting tumor growth (at the dose tested) than other anti-HGF
antibodies currently in clinical development.

Following successful completion of earlier clinical trials, AVEO
initiated a Phase 1b/2 clinical trial evaluating ficlatuzumab in
combination with gefitinib (Iressa™) versus gefitinib monotherapy as
first-line therapy in patients with NSCLC. Top-line data from the
ongoing Phase 2 portion of the trial are expected in 2012.

About AVEO

AVEO Pharmaceuticals (NASDAQ: AVEO) is a cancer therapeutics company
committed to discovering, developing and commercializing targeted
therapies to impact patients’ lives. The company’s lead product
candidate, tivozanib, is currently being investigated in a global,
randomized Phase 3 clinical trial called TIVO-1 comparing tivozanib to
sorafenib in patients with advanced renal cell carcinoma, as well as
additional clinical studies in other solid tumor types. AVEO’s second
most advanced product candidate, ficlatuzumab (AV-299), is a potent,
functional HGF inhibitory antibody that is currently in Phase 2 clinical
development. AVEO’s proprietary Human Response Platform™ is designed to
offer the company a unique advantage in cancer drug development and has
provided a discovery engine for multiple therapeutic targets. This
approach has resulted in a promising pipeline of monoclonal antibodies
against novel targets including HGF, ErbB3, RON, Notch and FGFR. For
more information, please visit the company’s website at
www.aveopharma.com.

About Boehringer Ingelheim

The Boehringer Ingelheim group is one of the world’s 20 leading
pharmaceutical companies. Headquartered in Ingelheim, Germany, it
operates globally with 145 affiliates in 50 countries and more than
42,000 employees. Since it was founded in 1885, the family-owned company
has been committed for 125 years to researching, developing,
manufacturing and marketing novel products of high therapeutic value for
human and veterinary medicine.

Today, Boehringer Ingelheim is one of the world’s leading companies for
contract development and manufacture of biopharmaceuticals. All types of
services from mammalian cell line or microbial strain development to
final drug production can be delivered within a one-stop-shop concept.
Boehringer Ingelheim delivers services for pre-clinical development up
to global market supply with a strong commitment to its customers at its
global manufacturing facilities for mammalian cell culture and microbial
fermentation. Boehringer Ingelheim has brought 19 molecules to market
and has many years of experience in multiple molecule classes such as
monoclonal antibodies, recombinant proteins, interferons, enzymes,
fusion molecules and plasmid DNA. Furthermore, high-titer platform
technologies for new antibody mimetic formats such as scaffold proteins
and antibody fragments are available for the manufacture of customer
products. www.biopharma-cmo.com.

Forward-Looking Statements

This press release contains forward-looking statements of AVEO that
involve substantial risks and uncertainties. All statements, other than
statements of historical facts, contained in this press release are
forward-looking statements, within the meaning of The Private Securities
Litigation Reform Act of 1995. The words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may,” “plan,” “target,” “potential,”
“will,” “could,” “should,” “seek,” or the negative of these terms or
other similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain these
identifying words. These forward-looking statements include, among
others, statements about: future progress on the clinical and
manufacturing development of ficlatuzumab and AVEO’s plans to leverage
its Human Response Platform™. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in the
forward-looking statements that AVEO makes due to a number of important
factors, including risks relating to: difficulties, delays and failures
in AVEO’s ability to successfully research, develop and obtain and
maintain regulatory approvals for ficlatuzumab and AVEO’s other product
candidates; AVEO’s inability to obtain and maintain adequate protection
for intellectual property rights relating to AVEO’s product candidates
and technologies; unplanned operating expenses; AVEO’s inability to
raise substantial additional funds to achieve AVEO’s goals; adverse
general economic and industry conditions; and those risks discussed in
“Risk Factors” and elsewhere in AVEO’s most recent Quarterly Report on
Form 10-Q and in its other filings with the Securities and Exchange
Commission. The forward-looking statements in this press release
represent AVEO’s views as of the date of this press release. AVEO
anticipates that subsequent events and developments will cause its views
to change. However, while it may elect to update these forward-looking
statements at some point in the future, it specifically disclaims any
obligation to do so. You should, therefore, not rely on these
forward-looking statements as representing AVEO’s views as of any date
subsequent to the date of this press release.